Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets

Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.


Level 3 Instruments		Fair Value(1)(2)		Valuation Techniques(3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of March 31, 2026
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$		847,981	Discounted cash flows	Discount Rate	8.2% - 13.6%	8.9%
			6,471	Comparable multiples	EV/EBITDA(6)	—	3.5x
			2,157	Comparable multiples	EV/Revenue	—	0.5x
1st Lien/Last-Out Unitranche			49,254	Discounted cash flows	Discount Rate	8.0% - 12.4%	8.5%
Equity
Preferred Stock	$		101	Comparable multiples	EV/EBITDA(6)	—	13.3x
Common Stock			1,623	Comparable multiples	EV/EBITDA(6)	10.0x - 26.0x	12.7x
As of December 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$		644,206	Discounted cash flows	Discount Rate	8.2% - 21.6%	9.3%
			2,616	Collateral analysis	Recovery Rate	—	100.0%
1st Lien/Last-Out Unitranche			36,939	Discounted cash flows	Discount Rate	8.1% - 9.9%	8.7%
Equity
Common Stock	$		1,396	Comparable multiples	EV/EBITDA(6)	10.0x - 12.2x	11.8x

(1)

As of March 31, 2026, included within Level 3 assets of $913,212 is an amount of $5,625 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $897,235, or 98.4%, of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, 2025, included within Level 3 Assets of $887,532 is an amount of $202,375 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $681,145, or 76.9%, of Level 3 bank loans, corporate debt, and other debt obligations.

(3)

The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)

Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

Summary of Assets Categorized Within Fair Value Hierarchy

The following is a summary of the Company’s assets categorized within the fair value hierarchy:


	March 31, 2026								December 31, 2025
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	13,763	$	862,234	$	875,997	$	—	$	13,989	$	830,824	$	844,813
1st Lien/Last-Out Unitranche		—		—		49,254		49,254		—		—		55,311		55,311
Preferred Stock		—		—		101		101		—		—		—		—
Common Stock		—		—		1,623		1,623		—		—		1,397		1,397
Investments in Affiliated Money Market Fund		14,973		—		—		14,973		18,728		—		—		18,728
Total	$	14,973	$	13,763	$	913,212	$	941,948	$	18,728	$	13,989	$	887,532	$	920,249

Summary of Changes in Fair Value of Level 3 Assets By Investment Type

The following table presents a summary of changes in fair value of Level 3 assets by investment type:


Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)		Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Three Months Ended March 31, 2026
1st Lien/Senior Secured Debt	$	830,824	$	64,800	$	—	$	(3,276	)	$	(30,802	)	$	688	$	—	$	—	$	862,234	$	(3,223	)
1st Lien/Last-Out Unitranche		55,311		1,121		—		(134	)		(7,123	)		79		—		—		49,254		(107	)
Preferred Stock		—		101		—		—			—			—		—		—		101		—
Common Stock		1,397		—		—		226			—			—		—		—		1,623		226
Total assets	$	887,532	$	66,022	$	—	$	(3,184	)	$	(37,925	)	$	767	$	—	$	—	$	913,212	$	(3,104	)
For the Three Months Ended March 31, 2025
1st Lien/Senior Secured Debt	$	535,247	$	74,352	$	—	$	(171	)	$	(2,834	)	$	385	$	—	$	—	$	606,979	$	(207	)
1st Lien/Last-Out Unitranche		39,636		831		—		(24	)		—			25		—		—		40,468		(24	)
Common Stock		2,309		—		—		(302	)		—			—		—		—		2,007		(302	)
Total assets	$	577,192	$	75,183	$	—	$	(497	)	$	(2,834	)	$	410	$	—	$	—	$	649,454	$	(533	)

(1)

Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)

Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.